PuriFire Energy, a Cambridge-based climate-tech startup, has successfully raised £2.7 million (US$3.5 million) in a seed funding round led by HICO Investment Group, with additional participation from Bulnes Capital, R&R Investments, and Abhishek Desai.
Founded in 2019 by Dr. Matthew Pearce, PuriFire Energy is focused on commercializing innovative hydrothermal treatment technologies developed during Dr. Pearce’s research at Cranfield University. The company’s mission is to accelerate the transition to a low-carbon economy by making green hydrogen, biomethanol, and other sustainable fuels cost-competitive with fossil fuels.
The seed funding, combined with a £525,000 (US$650,000) grant from Innovate UK, will support the establishment of a pilot project set to launch by mid-2025. This project will utilize PuriFire’s patented technology to convert anaerobic digestion liquid digestate and other wet feedstocks into green methanol. As part of the funding round, Chris Hartnoll, CEO and Managing Director of HICO Investment Group, will join PuriFire’s Board.
Neel Shah, CEO and Co-Founder of PuriFire, expressed enthusiasm about the partnership with HICO, stating, “We are very excited to have HICO’s insight and expertise as we continue our journey to transform green methanol and sustainable fuel production. PuriFire’s technology offers a strong value proposition, as it can scale green methanol and sustainable fuel production without expensive electrolysers or carbon capture systems.”
Chris Hartnoll of HICO Investment Group highlighted the strategic importance of PuriFire’s technology, noting, “One of the key attractions was the potential of PuriFire’s technology to convert wet waste into sustainable fuels such as green methanol. By targeting feedstock that doesn’t necessarily compete with other technologies, we believe PuriFire can significantly reduce the levelised cost of methanol production.”
HICO Investment Group foresees a growing demand for PuriFire’s green methanol, particularly in the shipping industry. Major shipping companies like Maersk, Evergreen, Costco, and CMA-CGM have already placed orders for over 200 methanol-powered ships, signaling a significant shift towards sustainable fuels in maritime transport.
Currently, 99.3% of methanol production relies on fossil-based sources, with only 0.7% classified as renewable or green. Green methanol offers substantial environmental benefits, including a 60-95% reduction in CO2 emissions, a 60-80% decrease in nitrogen oxide emissions, and the near elimination of sulfur oxide and particulate matter emissions. Additionally, green methanol can be blended with traditional fuels, providing a seamless transition for shipping companies with minimal infrastructure changes.
